Well, I was wrong about the market running higher. The futures ramped and I got excited. It’s part of the Perma-bull lifestyle.
You do some tummy crunches in the morning, then down ground up liquid lawn clippings, and finish it off with a cardio workout involving mostly mocking Keith while listening to Bob Pisani-on-tape.
(one, two, one, two, one, two…)
But in all seriousness, I don’t really care that I was wrong. AEC and CLP are making a move higher right now, and the multifamily theme is strong.
The naysayers from this summer, predicting imminent reversal of rental occupancy and ceiling for rents have been left holding their persons, naked in the middle of the road. Higher house prices have not diminished multifamily in the slightest, most probably because those house prices aren’t exciting a huge push for real estate by renters.
Let the houses on the market trade up 2X. I don’t care. As long as AEC and CLP stay 95% occupied with a nice 4% trend in rents, I don’t give a shit what housing does.